A BILL TO BE ENTITLED AN ACT TO INCREASE CITIZEN OVERSIGHT AND TO MAKE OTHER CONSOLIDATIONS AND IMPROVEMENTS IN THE GOVERNANCE OF THE STATE RETIREMENT SYSTEMS, AND TO IMPROVE TRANSPARENCY BY ENSURING THAT ALL RETIREMENT PLANS ADMINISTERED BY THE DEPARTMENT OF STATE TREASURER ARE OVERSEEN BY A BOARD OF TRUSTEES.
Amends GS 135-96 (Supplemental Retirement Board of Trustees), establishing that the Supplemental Retirement Board of Trustees (Board) will also administer the North Carolina Public School Teachers' and Professional Educators' Investment Plan established under GS 115C-341.2. Provides that the Board may retain the services of professionals and firms with the skills necessary to provide for the proper administration of investment programs that the Board administers.
Amends GS 161-50.1(b) providing that the Board of Trustees of the Local Governmental Employees' Retirement System (was, Department of State Treasurer) now administers the provisions of the Article (Register of Deeds' Supplemental Pension Fund Act of 1987).
Amends GS 127A-40, providing that the Board of Trustees of the Teachers' and State Employees' Retirement System will administer the provision of the section (Pensions for the members of the North Carolina National Guard). Makes technical and clarifying changes throughout the section.
Amends GS 135-6(b) (administration of Retirement System for Teachers and State Employees), providing that members of the board of trustees may include one person who may be an active or retired member of the National Guard and one person who may be an active or retired member of the Firemen's and Rescue Squad Workers' Pension Fund (previously, neither organization was represented on the board).
Amends GS 135, adding new section GS 135-97 (Immunity), establishing that a person serving on the Board is immune from civil liability for monetary damages, except to the extent covered by insurance, for any act or failure to act arising out of that service except when (1) the person was not acting within the scope of official duties, (2) was not acting in good faith, (3) gross negligence was committed or willful or wanton misconduct resulted in the damages or injury, (4) the person derived an improper personal benefit, either directly or indirectly, (5) incurred liability from the operation of a motor vehicle.
Amends GS 120-4.9 (Retirement system established), replacing Legislative Services Commission with Board of Trustees, essentially vesting all direction and policies concerning the Legislative Retirement System with the Board.
Amends GS 120-4.10 (Administration of retirement system), making technical and conforming changes.
Effective July 1, 2013.
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